YOU CAN’T TAKE YOUR $BILLIONS TO YOUR GRAVE
A couple of weeks back the man who re-invented greed on Wall Street, Bruce Wasserstein, died at the age of sixty-one. From a legal background, this man single handedly created the hedge fund, which enabled huge leverage to take place to acquire companies like RJR-Nabisco to be stripped of their assets and then repackaged into an IPO and finally sold off to “suckers” for $billions profit.
Wasserstein became one of America’s richest men and his nickname “”Bid ’em up Bruce” aptly described his cowboy behavior. The numbers never mattered. If he paid too much for a company he simply got that back and more when he on sold it. It can be fairly stated that not one American company benefited from his predatory actions. Most in fact were destroyed.
Isn’t it ironical after nearly thirty years of doing nothing but making money like a gangster that he will leave his fortune, from what I can gather, to a gaggle of children and ex-wives to fight over? The money definitely didn’t give him a passport to heaven. I only wished his death would be a wakeup call to those remaining thugs on Wall Street. I am reminded of that famous statement uttered by the most generous crook of all, Bruce McNall of Los Angles Kings fame. When asked by a reporter twenty years ago why was he so generous, he responded, “You never see a Brink’s money truck following the hearse to the grave!” I can understand a man wanting to have as much money as possible to spend in his own lifetime, but not two hundred lifetimes! Bruce, may your soul rest in peace.
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